CBRE is pleased to present an opportunity to acquire an absolute NNN, national credit retail asset with no landlord responsibilities and healthy 2.50% annual increases. The property is occupied by one of the most recognizable car rental companies in the world, Avis Budget Car Rental. The property is situated along US Route 90 (W. Tennessee Street - 28,000 ADT) in Florida‘s state capital, Tallahassee, Leon County, Florida, and one-half mile from Capital Circle, a beltway circling the western, southern and eastern sides of the city. Avis is positioned less than three (3) miles from Florida State University, and five (5) miles from the Tallahassee International Airport (TLH).
Avis is a USA company with a global presence. All Avis locations are corporately owned by Avis Budget Group, which also owns Budget, Payless Car Rental, Zipcar, and Budget Truck Rental. While some off-airport sites are ran by franchisees, this location is corporately operated. Additionally, Avis has a contract with the State of Florida for state employees, and Tallahassee is the State Capitol where the majority of state workers are located.
This is an ideal opportunity for an investor looking for a steady, cash-flowing property backed by a strong corporate guarantee with annual rent increases, or an investor looking for a solid 1031 Exchange investment.